Home Tech Phenikaa spends $1.5 million on strategic investment in startup BusMap

Phenikaa spends $1.5 million on strategic investment in startup BusMap


From the BusMap application as the core technology, Phenikaa MaaS will develop ‘personalized’ applications, not only encapsulated in the inner city bus transportation service industry.

Owner of public transport application BusMap becomes a member of Phenikaa Phenikaa Group has just announced a strategic investment worth 1.5 million USD, equivalent to more than 34 billion VND, in BusMap Joint Stock Company – the owner of the BusMap public transport application. With the investment and patronage of Phenikaa Group on people, systems and technology, BusMap Joint Stock Company officially became a member unit of Phenikaa Group and was renamed Phenikaa Technology Joint Stock Company. MaaS (referred to as Phenikaa MaaS) BusMap is a technology startup of a group of young technicians, led by General Director Le Yen Thanh. Since 2013, the company aims to develop a free public transport application for passengers using city buses, helping people optimize their travel journey. The application is built on the core technology of digital maps, integrated with artificial intelligence, allowing users to find the shortest travel plan with the lowest cost and time. After 7 years, BusMap has more than 2 million users, made more than 50 million trips. Sharing about this investment decision, Phenikaa Group’s representative said that it is always looking for and developing young talents, sponsoring initiatives, research and development projects for new technologies, technological innovation and startups. breakthrough, positive influence, bringing practical benefits to the community. “Phenikaa MaaS will consider the BusMap application as the core technology, the foundation for developing “personalized” applications according to the needs of each user to solve a variety of problems in life and manufacturing business. From there, Phenikaa MaaS can expand transportation products and services for businesses, organizations and communities,” said a representative of Phenikaa Group about the long-term development orientation for the unit. this new member. Phenikaa is the parent company owning 81.63% of capital Vicostone – an artificial quartz stone business listed on the HNX with a market capitalization of VND 16,864 billion. In addition to Vicostone, Phenikaa is a multi-industry economic group operating in the fields of technology; industry; scientific research; education and training. Becoming a member unit of Phenikaa Group and a part of Phenikaa Ecosystem, Phenikaa MaaS aims to expand the target customer base, not only encapsulating the inner city bus transportation service industry, but also It also expands to other areas of the public transport industry such as trains, trams, waterways, etc., thereby, strongly promoting the comprehensive digital transformation in the field of smart transportation.